May 28, 2012
-- According to statistics published in Money Marketing, the number of mortgage advice firms has reduced by 53% between 2007 and 2011. Even over the past year the number of mortgage advice firms fell from 4,364 in December 2010 to 3, 937 in December 2011. These figures are only concerned with the number of mortgage advice firms, they do not take into consideration the number of mortgage advisers and the figures for the number of mortgage advisers could be a lot more drastic.
What analysis can be made from the Money Marketing statistics? Tough market conditions and the increase in regulatory costs have severely impacted the number of mortgage advice firms. As Andrew Montlake, Director of Coreco Group, says: “The market is tough. Regulatory costs, the Mortgage Market Review and lenders’ lack of lending have all taken their toll.”
What does Census Financial Planning take from this? We believe that the strongest, most professional firms have survived. The quality of advice is essential, especially in relation to mortgages as this will be most people’s biggest financial commitment and financial risk.
The falling number of mortgage advice firms is certainly a reflection of current mortgage market conditions, but the one thing I think we can all agree on is the high level of advice and professionalism must be maintained. Contact Census Financial Planning today to speak with myself or another of our highly-qualified mortgage advisers.